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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a crazy idea. i'm amazed that secretary geithner had the courage to float that yesterday. hence the laughter from senator mcconnell. that's the kind of response it deserves. >> they are laughing in public, but they are panicking behind closed doors. conservative writer matt lewis, writer for "the daily caller", the notion that republicans have leverage is silly. it's the same kind of happy thinking that led to some boldly-predicting a romney victory. he said republicans are so screwed. this is why president obama is playing to his strengths. the president has never had a problem rallying the american people to h
instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a...
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i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just go ahead and take it off the table, you know, let's take that leverage away from the president there, but the reality is as a republican who my very core principles are lower taxes, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financia
i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just...
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everybody here will see their taxes go up on january 1st. i am assuming that doesn't sound too good to you. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> president obama warning workers what would happen if congress does nothing to avert the impending fiscal cliff. the president was at the factory of kinex toys. let's get some insight on that visit from someone who was there. michael is the president and ceo of kinex. >> good morning. >> president obama said a fam of four's taxes could go up. what impact does that have? >> it's fantastic to have the president our endorser in chief. when you remove that discretionary income and toys are a discretionary purchase as are other things. you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at th
everybody here will see their taxes go up on january 1st. i am assuming that doesn't sound too good to you. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> president obama warning workers what would happen if congress does nothing to avert the impending fiscal cliff. the president was at the factory of kinex toys. let's get some insight on that visit from someone who was there. michael is the president and ceo of kinex. >> good morning....
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what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you don't have then to spend on other things. and so when we're talking about an any that's in a pretty fragile state as this one is right now, if people don't have as much money to spend, that's going to be hurtful. that's going to be hurtful to retail sales, to restaurants, to movie theaters, to everything that keeps this economy going. >> one thing that has also been discussed is taking away the mortgage interest deduction. certainly that's a big bonus of homeownership for a whole lot of folks. do you think it's a risky move considering how fragil
what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you...
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if you clear away everything and look at the tax rates the president says tax rates have to go up on the wealthy by some amount. republicans are saying no we won't have any vote to raise tax rates and that's an impasse -- we don't see how we get around that. >> the president is embolden by his alexandria victory. he's taking it out to folks out on the street. he's acting like he feels he has a mandate to ask for these tax increase. do you think that's going to work? >> he thinks he has a mandate and if we go over the cliff the republicans will be blamed. he thinks the pressure of that will get the republicans to buckle. the tax rates will go up the easy way or the hard way. will it work? we have to guess at the public opinion. right now public opinion is on the president's side but that's in the abstract. if we see economic effects that affect real people we don't know how that ball bounces. >> i wonder if going over the cliff gives some political cover for politicians to compromise down the road? >> it gives cover and pressure. cover is a give. with republicans all of a sudden taxes
if you clear away everything and look at the tax rates the president says tax rates have to go up on the wealthy by some amount. republicans are saying no we won't have any vote to raise tax rates and that's an impasse -- we don't see how we get around that. >> the president is embolden by his alexandria victory. he's taking it out to folks out on the street. he's acting like he feels he has a mandate to ask for these tax increase. do you think that's going to work? >> he thinks he...
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we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they will not support it it was a nonstarter and never going to work in the stave . you have a better chance of succeeding. >> at least it was a plan . it is no law that said you cannot change 401 k's. that is future and new hires and for their plans. you don't have ill defined benefits and by the way the private sector doesn't get. there is a pension liability in the state of the california. vicki is right. government services are starting to get cut in cities in california . so i tell you, it doesn't cut it when you have things like let's raise the retirement age to age 52. >> the fact is
we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they...
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yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know
yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to...
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remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want to talk about, i'll begin with you tony on this. i'm sure you saw that photo making the rounds this week of house committee chairmen? what is that all about. they're all white males. speaker boehner now said he was indeed appointing a female chair congresswoman, candice miller. this committee is in charge of things like the house cafeteria, expense accounts, benefits packages. sounds like a token appointment to a somewhat low-level position. >> look. speaking as a white male republican, wasn't really happy to see that. i want to see more women and more represent
remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want...
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don't want a tax rate increase on anyone. period. the white house is hoping that the fact the president is taking his case to the congress to act. of course the realand with 32 days before tax hikes and spending cuts kick in....there are few signs of progress. congress seems to love a deadline. but while it might come at the 11th hour -- most insiders seem to believe that there 'will' eventually be an agreement to avoid that cliff.. >> let us take a look at traffic on the south bay bridge toll plaza. left side westbound into the toll plaza we will be back. when i take a picture of this check, it goes straight to the bank. oh. oh look the lion is out! no mommy no! don't worry honey, it only works on checks. deposit checks from your smartphone with chase quickdeposit. just snap a picture, hit send and done. take a step forward and chase what matters. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playr
don't want a tax rate increase on anyone. period. the white house is hoping that the fact the president is taking his case to the congress to act. of course the realand with 32 days before tax hikes and spending cuts kick in....there are few signs of progress. congress seems to love a deadline. but while it might come at the 11th hour -- most insiders seem to believe that there 'will' eventually be an agreement to avoid that cliff.. >> let us take a look at traffic on the south bay bridge...
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instead of raising tax rates we can produce similar amount of revenue, reforming the tax code to close loopholes and lower tax rates. >> the speaker said the two sides are at a stalemate. if nothing is done hundreds of billions of dollars of tax increases and spending cuts will happen january 1st. >> the oakland mayor has appointed her deputy mayor. he will start his new position on monday. he was co chair of her campaign. before getting elected to the assembly in 2006. >> berkeley police are asking for the public's help as they search for a man accused of touching a student. the student was walking between two campus buildings around 7:30 and when a man grabbed her. he is a latino, 5'5'' with dark shoulder length wavy hair. >>> a man was plead no contest in charges of assault. police say he and others beat a person last november. that's before another man shot foster to death. he has plead no contest to charges of kidnapping and assaulting a woman. the shooting was one of the reasons they cleared out the cam can many. >> more than 900 taken to hospitals for ambulance may be at risk of
instead of raising tax rates we can produce similar amount of revenue, reforming the tax code to close loopholes and lower tax rates. >> the speaker said the two sides are at a stalemate. if nothing is done hundreds of billions of dollars of tax increases and spending cuts will happen january 1st. >> the oakland mayor has appointed her deputy mayor. he will start his new position on monday. he was co chair of her campaign. before getting elected to the assembly in 2006. >>...
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also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of elementary. what they're doing, both sides really, is doing a lot of posturing and waiting until they get close to the deadline if not go over the deadline because they feel if they go over the deadline, they're in a position to tell their hard core supporters, look, we have really got to make this deal now or that's the end. the economy goes back into recession. it's almost as if they can't strike a deal before you get to the very end, which is understandable. the problem is when you play this game, you can make a terrible mistake, and you know, they're gambling with the whole country here right
also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of...